Gold prices climbed above $4,800 per ounce as U.S.–NATO tensions over Greenland and a weaker dollar fuel investor demand for safe-haven assets

London Gold prices surged to a fresh record on Wednesday climbing above $4,800 per ounce as investors sought refuge amid a broad selloff in U.S. assets triggered by escalating tensions between the United States and NATO over Greenland.

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Spot gold rose 2.1% to $4,862.19 per ounce by 0837 GMT, having earlier touched an all-time high of $4,887.82. U.S. gold futures for February delivery advanced 2.2% to $4,869.40.

Analysts noted that this marks the 11th record high for gold so far in 2026.

Market watchers linked the surge to geopolitical concerns and declining confidence in U.S. policy following recent moves by former President Donald Trump, who threatened tariffs on European countries and insisted on controlling Greenland.

French President Emmanuel Macron responded at the World Economic Forum in Davos, warning that Europe would not be intimidated.

“It’s the loss of trust in the U.S. caused by Trump’s moves over the weekend,” said Kyle Rodda, senior market analyst at Capital.com.

“The move in gold reflects fears about global geopolitical tensions.”

The rally was further supported by a weakening U.S. dollar and rising global debt levels.

The dollar index slipped to a near one-month low, making dollar-priced bullion cheaper for overseas buyers.

Other precious metals also experienced gains and volatility.

Spot silver climbed 0.4% to $94.96 per ounce, after hitting a record $95.87 on Tuesday.

Platinum fell 0.5% to $2,451.15 per ounce, while palladium declined 0.5% to $1,856.98 following a recent one-week high.

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Investors appear increasingly focused on safe-haven assets, with bullion continuing to respond sharply to geopolitical developments and macroeconomic pressures.